Cosmos Nearing Breakout: Buy for 20% Gain!

Price is Approaching Support, which is a level where it could pause or reverse its recent decline, at least temporarily. Support is often a level where price has bounced up in the past, or potentially prior Resistance level that was broken.

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ATOM Crypto Price Analysis

• Price: $4.45
• Market Cap: $1.75 billion
• 24h Trading Volume: $50.29 million
• Circulating Supply: 390.93 million ATOM
• Total Supply: 390.93 million ATOM

Trends are mixed, however, it had a bullish breakout from Falling Wedge pattern and reached our near-term target of $5.10 resistance for a +20% gain. We would be buyers on pullbacks near $4.00 support again, which is also the breakout level from Falling Wedge.

That could serve as another swing trade entry with +20% upside potential back to $5.10. Stop Loss at $3.85.

Weekly Price Performance

It opened at $4.45 and saw a high of $4.49 and a low of $4.36 within the past 24 hours.

• Year-to-Date Return: -60.50%
• 52-Week High: $14.52
• 52-Week Low: $3.60
• All-Time High: $44.66
• Trend: Short-term trend is Neutral, Medium-term trend is Down, Long-term trend is Strong Down.
• Momentum: Price is neither overbought nor oversold currently.
• Support and Resistance: Nearest Support Zone is $4.00. Nearest Resistance Zone is $5.10, then $6.30.

Indicators and Technical Analysis

• Volatility: ATOM has faced significant price swings, evidenced by its 52-week range from $3.60 to $14.52.
• Inflation Rate: Cosmos adjusts its inflation rate between 7% and 2%, depending on staking participation.
• Support and Resistance Levels: Given its current price of $4.45, the next strong resistance level lies near $5, while support is closer to the $3.60 level, its 52-week low.

News Roundup

• Partnerships: Cosmos has forged partnerships with blockchain projects like Fetch.ai and Binance Chain.
• DeFi Expansion: The introduction of decentralized finance on the platform, such as the Crescent Network (formerly Gravity DEX), has boosted Cosmos’ functionality in the decentralized exchange space.
• Ecosystem Development: The Cosmos SDK and Inter-Blockchain Communication Protocol (IBC) continue to facilitate the development of decentralized applications.
• Institutional Movement: ATOM was recently dropped from Grayscale’s portfolio, impacting its market sentiment, though the token remains well-integrated into the DeFi sector.

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